European opportunistic real estate fund manager ActivumSG Capital Management is investing in UK retirement villages via its latest fund.
The manager鈥檚 ActivumSG Real Estate Fund VII fund has set up a platform with the former senior management team of Richmond Villages.
ActivumSG said the platform has will start construction of its first retirement villages in Birmingham and near Southampton worth 拢220m (鈧�256m) in the second half of this year, for delivery in 2024.
Saul Goldstein, founder and CEO of ActivumSG, said: 鈥淥ur pan-European fund has made a flying start with a signature investment that adds a new geography to our residential strategies. We will work closely with the management team to build the business into one of the UK鈥檚 largest platforms.
鈥淲e鈥檙e no strangers to the opportunities in senior housing, arising from the shortage of purpose-built homes for Europe鈥檚 ageing populations. We started in Germany in 2016 with specialist developer Carestone, which is going from strength to strength.鈥�
James de Lusignan, director at ActivumSG UK Advisors and head of the UK, said: 鈥淲e鈥檙e backing a first-class management team and are hitting the ground running. The initial two retirement villages will offer something new to the UK, providing high-quality homes to a genuinely under-served part of the market.
鈥淭here is a strong pipeline in place and our goal is to grow the platform in the coming years to develop and operate villages with a GDV of more than 拢1bn.鈥�
A previous headline of this story incorrectly said ActivumSG and Richmond Villages had partnered to develop UK retirement villages.
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